© Reuters. FILE PHOTO: People stroll in entrance of a Lojas Americanas retailer in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino
SAO PAULO (Reuters) – Brazilian securities watchdog CVM stated on Friday it has launched two new probes into retailer Americanas SA’s accounting scandal and the agency’s reorganization course of.
CVM stated it launched an administrative continuing to research “failures to disclose relevant information by (Americanas) regarding proposals for capitalization and the renegotiation of debts with creditors and the assessment of the sale of assets.”
Americanas entered chapter safety in January shortly after disclosing accounting inconsistencies value 20 billion reais ($3.78 billion) and total debt of greater than $8 billion. CVM and different Brazilian authorities have since launched investigations.
Earlier this month, the retailer stated it had provided a capital injection to its collectors of 10 billion reais ($1.93 billion) which might come from prime shareholders.
CVM can also be trying into any irregularities concerning compensation paid by Americanas to former Chief Executive Sergio Rial, who took over the corporate simply 9 days earlier than the scandal broke and resigned shortly thereafter.
The launch of the probes comes a day after Americanas’ former CEO Miguel Gutierrez testified earlier than CVM.